Payward, the parent company of crypto exchange Kraken, is buying a bank. Not a crypto-flavored bank, but an actual EU-licensed lender supervised by the Bank of Lithuania.
On October 14, 2026, Payward announced it would acquire Saldo Finance, the Finnish parent company of Saldo Bank. The stated goal is to push into lending and card services, two businesses that crypto exchanges have long eyed from across the regulatory fence.
What Payward is actually getting
The financial terms of the transaction were not disclosed.
Saldo Bank is supervised by the Bank of Lithuania and authorized by the European Central Bank. According to the deal announcement, owning Saldo would let Payward offer banking services across the European Economic Area.
Saldo Bank already operates in several countries. It serves clients in Lithuania, Finland, Sweden, and Germany, and it also holds permissions in the Netherlands.
Its loan portfolio is worth €124 million. In 2025, Saldo Bank posted a net profit of €0.96 million. A year earlier, it had recorded a loss of €2.39 million.
The deal is anticipated to close in 2027, pending regulatory approvals.
A young bank with a full license
Saldo Bank has held its EU license since 2021. It began operating in Lithuania in February 2023.
What this means for Payward and the industry
The most direct implication is product expansion. Lending and card services are core banking functions, and a licensed bank gives Payward a regulated foundation for offering them in Europe.
The research behind the deal frames it as a step toward a single platform that combines asset management and lending, rather than forcing users to juggle a crypto exchange on one app and a bank on another.
The research suggests the deal could spark further mergers and acquisitions in fintech as firms race to build fuller infrastructure for crypto-savvy customers.
The transaction still requires approvals, and the expected 2027 close leaves plenty of time for conditions, delays, or shifts in EU policy.
With a €124 million loan book and a net profit just under €1 million, Saldo is a foothold rather than a fortress. Payward appears to be paying for the license and the regulatory standing as much as for the existing business, though without disclosed terms, the exact value it places on each remains unknown.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.